JIFI Account – Social Banking Savings Account (all you need to know)

JIFI Account – Social Banking Savings Account, Day by day world is becoming a global village in this smart age. Technology driven services and operations have changed the lifestyle of mankind. Banking is no way exception to this. In fact banking sector is going through revolutionary changes in this times. A few years ago before the era of smart phone has started no one could have imagined that we can have the bank on our finger tips. But time changes all. Recently Kotak Mahindra bank has introduced an account which is completely driven by social media.

This account has been named as “JIFI” account which helps you to bank using your social accounts like face book and twitter. In fact this is the first account to be of such kind. Even ICICI bank has introduced a feature of providing banking services using twitter, But “JIFI” has its unique features which makes it a completely social banking.

JIFI Account

JIFI account is a bank account which can be described as an extreme form of social banking which seamlessly incorporates social networking platforms such as Face book and Twitter with mainstream banking.

This account runs having a complete integration with the social accounts of the customer. In this account the customer can use twitter or face book to do his banking transactions.

For example if you want to transfer funds from your account to your brother’s account, you can do it just by a tweet. The banker will respond to your tweet from the registered twitter account and will message you directly to make you experience the thrill in social banking.

It also gives you the reward points based on your banking activity. Reward points are of 2 types as social points and transaction points. The more you bank through your social accounts the more social points you will get.

JIFI has both savings and current accounts offering. Let’s have the discussion about “JIFI-Current” account.

JIFI-Current is a non interest bearing account which does not require any minimum balance.

Once the average balance crosses Rs 25000 it creates a term deposit automatically.

Banking in hand – All the banking services such as paying off your bills online, mobile & dth Recharge can be done through a tweet. This gives you a wonderful social banking experience.

Free net Banking and it can be operated using the mobile application.

With a nominal subscription fee you can avail the service of Kotak money watch which monitors Your expenses.

Rewards points will give attractive benefits such as recharge etc.,

Eligibility for JIFI Account

The applicant should be a resident Indian of the age 18 years or above.

Documents required for JIFI Account

Proof of identity

Proof of residence

Proof of signature.

JIFI Savings account has a slightly different features as follows:

Being a savings account it offers you some interest which requires you to maintain a minimum Balance of Rs 10,000.

It offers an interest rate of 5% p.a. on balances up to Rs 1 lac and 6% p.a. on balances above Rs.1 lac.

Remaining general features are as same like JIFI – Current account.

One should have a twitter and face book account to operate his bank account.

Like many apps this account also gives you referral reward. If you refer a friend by unique link generated then you will get the reward points soon after your friend opens the link.

It gives you reward points for the likes and comments you make on Kotak jifi face book pages.

It is very easy to deactivate your twitter account in the cases of any hacking or password leakage.

Limitations:

Since it is a completely integrated with your social plug ins, it may impose a high security concern .

In case of jifi current account you cannot get interest on your balance until it reaches Rs 25000.

It is beneficial to those who are literates of social media, rest of the people cannot reap the benefits of these accounts.

This is just a basic information about JIFI account. For further details please follow www.kotak.com